A new design of vertical external cavity surface emitting laser (VECSEL) with diamond-based high contrast gratings is proposed. The self-consistent model of laser operation has been calibrated based on experimental results and used to optimize the new proposed device and to perform comparative thermal and optical analysis of conventional and double-diamond high-contrast-grating VECSELs. The proposed design considerably reduces the dimensions and complexity of the device and provides up to 80% increase of the maximum emitted power as compared with the conventional design.